The rise of blockchain and DeFi have shown that technological innovation has the power to completely reshape the financial landscape. According to BNBPay co-founder James Zhang, there are still many problems in finance (and transactions in particular) that require creative solutions. Operating under the mission to sculpt the future of cryptocurrency payments and to change the way these transactions are conducted is the BNBPAY project. —
BNBPAY is led by a group of payment specialists and industry pioneers with decades of combined experience in the retail point of sale (POS) and commerce industries. Together their mission is to become the most widely used crypto payment for commerce, including e-сommerce and brick and mortar.
“We are here to retake control. Cryptocurrency gives us a better alternative, a way to give the power back to small businesses.” says the BNBPAY Team
Rewriting the rules
The creation of this platform is built on three core principles: trust, immutability, and efficiency, all of which are said to be the core of building the payment industry’s decentralized digital economy. BNBPAY offers an alternative to traditional payments to Visa, MasterCard, and PayPal, which charge nearly 3.9% per transaction (between 2-4% for merchants) — further operating without a single point of failure and the fear of third-party monitoring.
Underlying BNBPAY will be the native BPAY token, available for purchase through PancakeSwap and BitMart. In contrast to other cryptocurrency exchanges, BPAY cannot be mined and exists in a finite supply of 10 billion, 20% of which has been burned.
Running on the Binance Smart Chain (BSC), and utilising ERC-1363 technology allows the BNBPAY payment system to deliver fast, affordable and transparent crypto payments at a fraction of the cost of traditional payment gateways, with an introductory rate of only 0.5%. Additionally, users may also be rewarded with BPAY tokens when they spend. Holding tokens will also enable investors to take advantage of near-instant transactions and allow investors to stake BPAY tokens for additional rewards. The token is said to be just the beginning, as BNBPAY plans to one day become chain agnostic by utilizing bridging technology to encompass crypto from across different blockchains, while simultaneously ensuring the cheapest and fastest blockchain is used to ensure fees are kept to a minimum.
More insights on BNBPAY here
Merchants and businesses will also benefit from saving on merchant fees with each transaction, all without fear of worrying about chargebacks and other forms of credit card fraud. BNBPAY allows for the easy integration of crypto payments into a user's existing e-commerce website, with add-ons for accounting software to manage tax filing and sales reports.
Additionally, the BNBPAY POS payment terminal will give merchants the option to receive any crypto, stablecoin or over 150 fiat seamlessly, allowing business owners to avoid any volatility risk.
BNBPAY plans to roll out the following core products in the their ecosystem: mobile wallet for Android and IOS, BNBPAY e-commerce payment plugin, BNBPAY POS payment terminal, BNBPAY Staking platform.
The future for merchant payments
Looking ahead to the next year, the team has set clear goals set up, applying for a credit license with SG regulators, and further developing their BNBPAY Wallet and eCommerce payment plugins for frequently used platforms. The team plans to have over 100,000 merchants onboard the BNBPAY payment system by the end of 2022 as a part of these efforts as they fight for market share against banks and PayPal.
BNBPAY has also begun the process of applying for a payment license with MAS (Monetary Authority of Singapore), which further adds to the legitimacy of the project and opens the door for the team to form partnerships with traditional financial companies.
Most recently, the team has announced that they will now be an exclusive crypto payment provider for Kee Song Group (1258.TWO), a publicly-traded poultry company growing over 100m revenue per annum. The 2 companies signed their MOA on the 9th of November 2021.
This key strategic partnership will pave the way for more merchant partnerships with other large businesses around the globe.
BNBPAY also recently launched their own crypto only marketplace. The marketplace was created so that anyone can buy goods with crypto. Besides, this is a marketplace where future BNBPAY merchants will have the option to expose their products to millions of BNBPAY users. BNBPAY takes care of all the crypto/fiat conversions so the shop can pay with any crypto and the merchant can receive any fiat and/or crypto they prefer.
Check out the BNBPay and BNBPay for Merchants ecosystems. Follow BNBPay on Twitter (@BnbPay) and follow BNBPAY on LinkedIn.
Release ID: 89054195